Poonawalla Fincorp stock gains as company grants 3,00,000 stock options to employees at ₹382.63 apiece

Poonawalla Fincorp has granted 3,00,000 stock options to employees under its ESOP 2024. This follows a recent grant of 5,00,000 options at 390.60.

Shivangini
Updated11 Sep 2024, 02:16 PM IST
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Poonawalla Fincorp share price in green, as company rewards 300,000 stock options to employees at  <span class='webrupee'>₹</span>382.63 apiece
Poonawalla Fincorp share price in green, as company rewards 300,000 stock options to employees at ₹382.63 apiece

Poonawalla Fincorp Limited announced on September 11 the grant of 3,00,000 stock options under its Employee Stock Option Plan 2024 - Scheme-II (ESOP-2024 - Scheme-II). The Nomination and Remuneration Committee of the Board approved the grant on September 10, 2024, with an exercise price set at 382.63 per option, as per an exchange filing. 

The options are part of Tranche 13 and will vest according to the schedule outlined in the ESOP-2024 - Scheme-II, the filing added.

Also Read | Poonawalla Fincorp gives 500K stock options for staff, reports 52% AUM growth

On September 11, at 2:04 pm, Poonawalla Fincorp share price was trading in the green, up 0.87 percent, at 395.60 on NSE. The company enjoys a market capitalisation of 30,747.81 crore. Poonawalla Fincorp stock price last hit its 52-week high of 519.70 on January 19, 2024.

The company notified both the National Stock Exchange of India Limited and BSE Limited about the grant.

Also Read | Persistent Systems share price hits 52-week high. Here’s why

Poonawalla Fincorp's buzz

This move follows a September 3 announcement, where Poonawalla Fincorp revealed the grant of 5,00,000 stock options under its ESOP 2024, approved by the Nomination and Remuneration Committee on September 2. These options were issued at 390.60 per share, per another filing earlier this month.

Poonawalla Fincorp recently reported strong performance for the first quarter of FY25, with Assets Under Management (AUM) reaching 26,972 crore. 

This marks a 52 percent year-over-year (YoY) increase and an 8 percent rise quarter-over-quarter (QoQ). The company’s AUM is well-diversified, with allocations of 35 percent in MSME finance, 28 percent in personal and consumer finance, 17 percent in loans against property, and 14 percent in pre-owned car finance.

Also Read | Layoffs 2024: Samsung Electronics to trim 9-10% workforce in India, says report

The company has also demonstrated consistent improvement in asset quality, with its gross Non-Performing Assets (NPA) ratio dropping to 0.67%, a reduction of 75 basis points YoY and 49 basis points QoQ. Similarly, the net NPA ratio declined to 0.32%, down by 44 basis points YoY and 27 basis points QoQ. Poonawalla Fincorp’s Provision Coverage Ratio stood at 52.53%.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.

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First Published:11 Sep 2024, 02:16 PM IST
Business NewsMarketsStock MarketsPoonawalla Fincorp stock gains as company grants 3,00,000 stock options to employees at ₹382.63 apiece

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